截至2025年12月5日 09点58分，上证科创板100指数下跌0.67%。成分股方面涨跌互现，铂力特领涨 7.37%，金盘科技上涨2.88%，睿创微纳上涨2.70%；中科蓝讯领跌9.17%，东芯股份下跌6.11%，微导纳 米下跌4.10%。科创100ETF华夏（588800）下跌0.63%，最新报价1.25元。 流动性方面，科创100ETF华夏（588800）盘中换手4.44%，成交1.13亿元。拉长时间看，截至12月 4日，科创100ETF华夏（588800）近1周日均成交2.55亿元，领先同类。 每日经济新闻 （责任编辑：董萍萍 ） 截至2025年12月5日 10点，上证科创板半导体材料设备主题指数下跌1.00%。成分股方面涨跌互 现，中科飞测领涨2.33%，艾森股份上涨0.60%，明志科技上涨0.46%；华海诚科领跌3.58%，天岳先进 下跌3.52%，先锋精科下跌2.44%。科创半导体ETF（588170）下跌1.21%，最新报价1.38元。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读 ...

Core Viewpoint - Moer Technology has officially listed on the STAR Market, becoming China's first fully functional GPU company to enter the capital market, marking a significant milestone in its development and the domestic high-end GPU sector [2][4]. Group 1: Company Overview - Moer Technology's stock debuted at a price of 114.28 yuan, the highest for the year, and surged by 468.78% on the first day to reach 650 yuan per share, resulting in a market capitalization exceeding 305.5 billion yuan [2]. - The company aims to raise 8 billion yuan for the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, with a total fundraising of approximately 7.997 billion yuan after deducting issuance costs [4]. Group 2: Technological Innovation - Moer Technology has established a unified MUSA architecture that supports AI computing acceleration, graphics rendering, physical simulation, and scientific computing on a single chip, setting a key technological benchmark for domestic high-end GPU chip autonomy [6]. - The company has successfully mass-produced five chips and iterated four generations of GPU architectures, forming a comprehensive product matrix that covers AI, scientific computing, and graphics rendering [6]. Group 3: Market Position and Growth - The company has achieved a compound annual growth rate of 208.44% in revenue from 2022 to 2024, with revenue in the first half of 2025 reaching 702 million yuan, surpassing the total of the previous three years [8]. - Moer Technology's AI computing business contributed 94.73% of its revenue, reflecting its focus and leading advantage in core sectors [8]. Group 4: Strategic Alignment - The company's listing aligns with national strategies for technological self-reliance and the development of high-end chips, which are crucial for advancing AI and digital economy initiatives [9]. - The funds raised will enhance Moer Technology's competitive edge in AI computing and graphics processing, supporting the intelligent transformation across various industries [9].

12月5日，摩尔线程正式在科创板上市，这只"国产GPU第一股"开盘后迅速受到投资者热捧，开盘价650 元，大涨468.78%。值得一提的是，摩尔线程上市发行价为114.28元，这是2025年以来发行价最高的新 股，截至发稿时股价588.06元，涨幅仍超400%，这也意味着，若以此计算，中一签摩尔线程新股将至 少可赚20万元。 公开信息显示，摩尔线程由前英伟达全球副总裁、大中华区总经理张建中于2020年6月创立，该公司以 全功能GPU为核心，致力于向全球提供加速计算的基础设施和一站式解决方案，为各行各业的数智化转 型提供强大的AI计算支持。"全功能"指兼具通用计算与图形渲染能力。目前，摩尔线程产品线划分为AI 智算、图形加速，以及面向消费电子、智能座舱、具身智能等边缘计算领域的智能SoC（系统级芯片） 三类。 文｜南都记者 赵元 在业绩上，2025年上半年，摩尔线程实现7.02亿元的营收，较2024年4.38亿元营收出现较大幅度增长。 同时，净亏损2.71亿元，同比下降56.02%，亏损幅度呈逐年减少趋势。此前在回复问询函时，摩尔线程 曾预测称，其最早可于2027年实现合并报表盈利，该盈利包含政府补助带来的收益 ...

刷新年内纪录 "国产GPU第一股"摩尔线程今日在上交所科创板挂牌上市，上市首日开盘价报650.00元/股，较发行价114.28元/股高开468.78%，以500股 计算，打新单签收益达到26.79万元，创今年以来的单签收益纪录。 在此之前，今年单签收益最高是6月11日上市的影石创新，以开盘价计算的单签收益为6.74万元。 今日开盘后，摩尔线程股价一度快速冲高，最高触及688.00元/股，对应涨幅超过500%；随后震荡回落，截至午盘报590.59元/股，涨幅 416.79%；半日成交125.9亿元，居所有A股首位，最新总市值2776亿元。 N 摩尔-U 0 688795 科创板 今日早盘，A股三大股指下探回升，AI硬件板块显著回暖，带动创业板指领涨。截至午间休市，上证指数报3878.99点，涨0.08%；深证 成指、创业板指分别上涨0.39%和0.47%。 A股主要股指早盘表现 摩尔线程单签收益约27万元 摩尔线程早盘走势 资料显示，摩尔线程主要从事GPU及相关产品的研发、设计和销售，本次募集资金总额近80亿元，主要投向新一代自主可控AI训推一体 芯片研发项目、新一代自主可控图形芯片研发项目、新一代自主可控AI ...

12月5日，A股早盘上演"低开高走、无量空涨"的诡异走势，沪深两市成交额再度萎缩至1.55万亿元，创近五个月新低。就在市场陷入"地量阴跌"之际，科创 板迎来年度最重磅IPO——被誉为"国产GPU第一股"的 摩尔线程挂牌首日狂飙468%，盘中最高涨幅达535%，中签者单签浮盈逼近27万元，瞬间点燃打新热 情。然而，狂欢背后，一场无声的"资金虹吸"正悄然抽干整个科技板块。 摩尔线程的爆炒并未带动半导体同行跟涨，反而因巨量资金涌入单一标的，导致板块整体承压。更令市场忧心的是，紧随其后的 沐曦股份今日启动申购， 两大GPU独角兽接连登场，加剧本已紧张的存量博弈。在成交持续缩量的背景下，超级IPO俨然成为"抽血机"，而非"发动机"。 盘面结构亦严重分化：一边是 机器人概念持续高热（睿能科技6天5板）、 食品饮料异军突起（海欣食品8天7板），以及受LME铜价新高驱动的资源股；另 一边，白酒板块继续拖累情绪，银行股集体压盘跌幅超1%，而高估值科技股如寒武纪（PE超90倍）则面临剧烈回调。 多空观点激烈交锋：多头寄望美联储12月降息概率升至85%及中央经济工作会议政策红利；空头则紧盯"增量资金缺席+54家公司本月解禁高峰"的 ...

Core Viewpoint - The successful IPO of Moer Technology (688795.SH) on the STAR Market marks a significant milestone in the domestic GPU industry, setting multiple records and attracting substantial investor interest [2][3]. Group 1: IPO Performance - The issuance price of 114.28 yuan per share is the highest for any new stock in the A-share market this year [3]. - On its first trading day, the stock opened at 650 yuan per share, representing a 468.78% increase from the issuance price, leading to nearly 270,000 yuan profit for investors per 500 shares [3]. - The total market capitalization exceeded 300 billion yuan, making it the largest IPO on the STAR Market this year [3]. - The fundraising amount of 8 billion yuan also positions it as the largest fundraising scale for a new stock on the STAR Market this year [3]. - The IPO process took only 88 days from acceptance to approval, setting a record for the fastest review on the STAR Market [3]. Group 2: Fund Utilization and Technology - The company raised nearly 8 billion yuan, which will be allocated to key projects including the development of next-generation AI training and inference chips, graphics chips, and AISoC chips, as well as for working capital [4]. - Unlike competitors focusing on specialized chips, Moer Technology aims to be a versatile player in the chip industry, with its MUSA unified system architecture enabling simultaneous support for AI computing acceleration, graphics rendering, and more [4]. Group 3: Market Position and Growth - Since its establishment in 2020, Moer Technology has successfully mass-produced five chips, filling a significant gap in the domestic high-end GPU market and breaking the long-standing "bottleneck" in the industry [5]. - The company has built industry barriers through comprehensive GPU architecture autonomy and has achieved performance levels comparable to international giants like NVIDIA [5]. - The demand for AI computing power has surged by 300% globally in 2023, and Moer Technology is positioned as a key player in the domestic market amid export restrictions on high-end GPUs from NVIDIA [6]. Group 4: Financial Performance and Projections - The company's revenue is projected to grow from 46.09 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate of 208.44% [6]. - For the first half of 2025, revenue is expected to reach between 1.5 billion to 1.98 billion yuan, representing a year-on-year growth of 101.86% to 166.46% [6]. - Despite the optimistic market sentiment, the company has faced significant losses, with cumulative losses of 5.939 billion yuan over the past three years [7]. - The high R&D expenses, totaling 3.81 billion yuan from 2022 to 2024, account for over 626% of revenue, indicating ongoing financial pressure [7]. Group 5: Market Outlook - The Chinese AI chip market is projected to grow from 142.54 billion yuan in 2024 to 1.34 trillion yuan by 2029, with the GPU segment expected to capture a larger market share [7]. - Moer Technology is recognized as one of the "four little dragons" in the domestic GPU sector, alongside other emerging companies, indicating a growing trend of capital investment in this field [7].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 今日早盘，A股三大股指下探回升，AI硬件板块显著回暖，带动创业板指领涨。截至午间休市，上证指 数报3878.99点，涨0.08%；深证成指、创业板指分别上涨0.39%和0.47%。 | A股指数 | | (用圖 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3878.99 | 13057.09 | 1393.75 | | +3.20 +0.08% | +50.37 +0.39% | +6.46 +0.47% | | 创业板指 | 沪深300 | 科创综指 | | 3082.05 | 4551.81 | 1572.02 | | +14.57 +0.47% | +5.24 +0.12% | +6.73 +0.43% | A股主要股指早盘表现 摩尔线程单签收益约27万元 刷新年内纪录 "国产GPU第一股"摩尔线程今日在上交所科创板挂牌上市，上市首日开盘价报650.00元/股，较发行价 114.28元/股高开468.78%，以500股计算，打新单签收益达到26.79万元，创今年以来的单签收益纪录。 ...

摩尔线程近年来营收增幅较大，但仍然处于亏损阶段。2022年至2024年，摩尔线程分别实现营业收入 0.46亿元、1.24亿元、4.38亿元，归母净利润分别为亏损18.94亿元、17.03亿元及16.18亿元。2025年上半 年，摩尔线程实现营业收入7.02亿元，超过过去三年年度总和，归母净利润为亏损2.71亿元。 在二十届四中全会谋划"十五五"规划的关键时点，硬科技产业扶持政策持续加码。二十届四中全会明确 提出"加快高水平科技自立自强，引领发展新质生产力"。这一导向在科创板制度优化中得到充分体现， 科创板针对未盈利但技术突破显著的硬科技企业，予以制度保障。 12月5日，"国产GPU第一股"今日正式登陆科创板。 盘前摩尔线程竞价高开468%，总市值近3055亿元，股价报650元。 开盘后半小时，截至发稿，摩尔线程股价涨415%，盘中价格最高达到688元/股，理论上一签盈利或达 28.7万元，超越今年6月11日上市的影石创新，成为年内最赚钱新股。 从今年6月30日摩尔线程科创板IPO正式获受理，到9月26日过会，再到10月30日获证监会注册批复，12 月5日上市，全程用时5个月（158天）。 摩尔线程成立于202 ...

Core Insights - The company Moer Thread (688795.SH) has been listed on the STAR Market, achieving a maximum intraday increase of 502.03% and a total market capitalization exceeding 300 billion yuan [1] - Moer Thread is regarded as the "first domestic GPU stock" and has attracted significant attention since its issuance, with an issue price of 114.28 yuan per share and a potential profit of approximately 286,900 yuan for a single subscription of 500 shares at the peak price of 688 yuan [1] Company Overview - Moer Thread was established in 2020 and focuses on the research, design, and sales of GPUs and related products, emphasizing high-performance computing fields such as AI, digital twins, and scientific computing [1] - The company is the only domestic entity to achieve mass production of full-function GPUs, setting a record of 88 days from acceptance to approval on the STAR Market [1] Subscription and Issuance Details - The subscription data revealed that there were 4.8266 million valid subscription accounts, with a total of 46.217 billion shares applied for [3] - After the allocation mechanism was activated, the final number of shares issued online was 16.8 million, with a final subscription rate of approximately 0.0364%, indicating that fewer than 4 out of every 10,000 investors were successful in their applications [3] - Institutional investors actively participated, with offline investors subscribing for 39.2 million shares, amounting to 4.48 billion yuan, and no offline subscriptions were abandoned [3] Private and Public Fund Participation - A total of 113 private equity firms participated in the offline subscription, acquiring 501,700 shares worth approximately 57.34 million yuan [4] - Among public funds, 94 firms participated, acquiring 22.7406 million shares valued at 2.599 billion yuan, with eight public fund products exceeding 100 million yuan in allocation [4] Market Potential and Growth - The GPU market is expected to experience rapid growth, with the AI chip market in China projected to increase from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, reflecting a compound annual growth rate of 53.7% [6] - The GPU market share is anticipated to rise from 69.9% in 2024 to 77.3% in 2029, indicating a significant growth trajectory [6] - Moer Thread's revenue is projected to grow from 46 million yuan in 2022 to 438 million yuan in 2024, although the company is currently operating at a loss [6][7] Business Segments - Moer Thread's main business segments include AI computing, professional graphics acceleration, and desktop graphics acceleration, with AI computing expected to become a key growth driver starting in 2024 [7] - In the first half of 2025, AI computing revenue reached 666 million yuan, accounting for 94.85% of total revenue [7] Fundraising Purpose - The funds raised will be allocated to the development of new generation self-controlled AI training and inference chips, new generation self-controlled graphics chips, and new generation self-controlled AI SoC chips, as well as to supplement working capital [7]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：华尔街见闻 摩尔线程也为早期投资者带来的惊人回报上——作为最早的投资方之一，沛县乾曜的初始投资获得了超 过6262倍的账面增值，创造了资本神话。 此次IPO吸引267家机构参与报价，网下申购倍数达1572倍，南方基金、易方达基金等头部机构动用数 百只产品申报。公司募资约80亿元，成为今年科创板最大IPO。尽管公司目前仍处于亏损状态，但其高 达122倍的市销率远超英伟达等海外巨头，显示出市场正在为其未来的成长空间和技术独特性进行高溢 价定价。 作为国内唯一能在功能上对标英伟达的公司，摩尔线程基于自研MUSA架构，在单芯片上实现AI计算、 图形渲染、物理仿真和视频编解码的技术突破。公司预计最早2027年实现盈利，从提交申请到上市仅用 时158天，跑出"科创板加速度"。 摩尔线程创始人、董事长兼总经理张建中表示，公司将保持全功能GPU芯片每年一代的迭代速度，致力 于打造覆盖云侧和端侧的全场景计算平台。他强调，只要AI仍在进化，算力需求就不会是泡沫。 机构热捧的"稀缺标的" 摩尔线程在初步询价阶段展现出机构投资者的超高热情。据发行公告披露 ...